TD Ameritrade’s Strong Asset Gathering Momentum Continues

  TD Ameritrade’s Strong Asset Gathering Momentum Continues

       Net New Client Assets of $13 Billion, 11% Annualized Growth Rate

    Record Market Fee-based Revenue of $62 Million, up 38% Year-Over-Year

                     Diluted Earnings per Share of $0.26

Business Wire

OMAHA, Neb. -- April 16, 2013

TD Ameritrade Holding Corporation (NYSE: AMTD) has released results for the
second quarter of fiscal 2013. The Company ended the quarter with a record
$517 billion in total client assets, driven by its continued double-digit
organic client asset growth rate and market appreciation.

The Company’s results for the quarter ended Mar. 31, 2013 include the
following:^(1)

  *Net income of $144 million, or $0.26 per diluted share
  *Net new client assets of approximately $13 billion, an annualized growth
    rate of 11 percent
  *Average client trades per day of approximately 378,000, an activity rate
    of 6.5 percent^(2)
  *Net revenues of $679 million, 55 percent of which were asset-based
  *Record market fee-based revenue of $62 million, up 38 percent
    year-over-year
  *Pre-tax income of $231 million, or 34 percent of net revenues
  *EBITDA^(3) of $279 million, or 41 percent of net revenues
  *Interest rate sensitive assets^(4) of $88 billion, up 10 percent
    year-over-year
  *Record client assets of approximately $517 billion

“Halfway through fiscal 2013, following the two best quarters for asset
gathering in our history, we have gathered a record $29 billion in net new
client assets. In addition, we have increased our market fee-based revenue for
the first six months by 32 percent year-over-year and kept our expenses well
in check,” said Fred Tomczyk, president and chief executive officer. “While
retail investor sentiment has improved, a large number of investors remain
cautious in this environment, and yet we continue to execute well against our
strategy and on the items we can control.”

“Over the last five years, we have gathered more than $170 billion in net new
client assets, despite facing ongoing challenges from market and economic
conditions, bringing our total client assets to over $500 billion for the
first time in our history,” said Bill Gerber, executive vice president and
chief financial officer. “Remaining disciplined on expenses as we invest in
the future and continuing to generate strong free cash flow provides us with
considerable flexibility to take advantage of opportunities as they present
themselves.”

Capital Deployment
The Company has declared a $0.09 per share quarterly cash dividend, payable on
May 15, 2013 to all holders of record of common stock as of May 1, 2013.

Company Hosts Conference Call
TD Ameritrade will host its March Quarter conference call this morning, Apr.
16, 2013, at 8:30 a.m. EDT (7:30 a.m. CDT). Participants may listen to the
call by dialing 877-881-2595. The Company will also webcast the conference
live at www.amtd.com and will make all accompanying materials available to
participants prior to the call. A phone replay of the call will be available
by dialing 855-859-2056 and entering the Conference ID 22315975 beginning at
11:30 a.m. EDT (10:30 a.m. CDT) on Apr. 16, 2013. This replay will be
available until 11:59 p.m. EDT (10:59 p.m. CDT) on Apr. 23, 2013. Interested
parties may also view an archived version of the webcast, which will be
available on www.amtd.com immediately following the call.

The company asks that interested parties visit or subscribe to newsfeeds at
www.amtd.com for the most up-to-date corporate financial information,
presentation announcements, transcripts and archives. The company also
communicates this information via Twitter, @TDAmeritradePR. Web site links,
corporate titles and telephone numbers provided in this release, although
correct when published, may change in the future.

AMTD-E

About TD Ameritrade Holding Corporation
Millions of investors and independent registered investment advisors (RIAs)
have turned to TD Ameritrade’s (NYSE: AMTD) technology, people and education
to help make investing and trading easier to understand and do. Online or over
the phone. In a branch or with an independent RIA. First-timer or
sophisticated trader. Our clients want to take control, and we help them
decide how – bringing Wall Street to Main Street for nearly 38 years. An
official sponsor of the 2014 and 2016 U.S. Olympic and Paralympic Teams, TD
Ameritrade has time and again been recognized as a leader in investment
services. Please visit TD Ameritrade’s newsroom or www.amtd.com, or follow
@TDAmeritradePR for more information.

Safe Harbor
This document contains forward-looking statements within the meaning of the
federal securities laws. We intend these forward-looking statements to be
covered by the safe harbor provisions of the federal securities laws. In
particular, any projections regarding our future revenues, expenses, earnings,
capital expenditures, effective tax rates, client trading activity, accounts
or stock price, as well as the assumptions on which such expectations are
based, are forward-looking statements. These statements reflect only our
current expectations and are not guarantees of future performance or results.
These statements involve risks, uncertainties and assumptions that could cause
actual results or performance to differ materially from those contained in the
forward-looking statements. These risks, uncertainties and assumptions
include, but are not limited to: general economic and political conditions and
other securities industry risks, fluctuations in interest rates, stock market
fluctuations and changes in client trading activity, credit risk with clients
and counterparties, increased competition, systems failures, delays and
capacity constraints, network security risks, liquidity risks, new laws and
regulations affecting our business, regulatory and legal matters and
uncertainties and other risk factors described in our latest Annual Report, as
amended, on Form 10-K/A, filed with the SEC on Feb. 4, 2013 and our latest
Quarterly Report on Form 10-Q filed thereafter. These forward-looking
statements speak only as of the date on which the statements were made. We
undertake no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise, except to the extent required by the federal securities laws.

^1 Please see the Glossary of Terms, located in “Investor” section of
www.amtd.com for more information on how these metrics are calculated.

^2 Funded account activity rate (AR%). Average client trades per day during
the period divided by the average number of total funded accounts during the
period.

^3 See attached reconciliation of non-GAAP financial measures.

^4 Interest rate-sensitive assets consist of spread-based assets and money
market mutual funds. Ending balances as of March 31, 2013.

Brokerage services provided by TDAmeritrade, Inc., member FINRA
(www.FINRA.org) /SIPC (www.SIPC.org) /NFA (www.nfa.futures.org).

                                                                   
TD AMERITRADE HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
In millions, except per share amounts
(Unaudited)
                                                    
                     Quarter Ended                       Six Months Ended
                     Mar. 31,      Dec. 31,   Mar. 31,   Mar. 31,    Mar. 31,
                     2013          2012       2012       2013        2012
Revenues:
Transaction-based
revenues:
Commissions and      $  287        $ 257      $ 292      $ 544       $ 566
transaction fees
                                                                     
Asset-based
revenues:
Interest revenue        116          118        108        234         219
Brokerage interest     (2    )     (2   )    (1   )    (3    )    (3    )
expense
Net interest            114          116        107        231         216
revenue
                                                                     
Insured deposit         200          205        209        405         414
account fees
Investment product     62         56       46       117       90    
fees
Total asset-based       376          377        362        753         720
revenues
                                                                     
Other revenues         16         17       19       33        41    
                                                                     
Net revenues           679        651      673      1,330     1,327 
                                                                     
Operating
expenses:
Employee
compensation and        178          168        174        346         347
benefits
Clearing and            27           24         24         51          44
execution costs
Communications          29           28         27         57          55
Occupancy and           40           39         37         79          75
equipment costs
Depreciation and        20           20         18         41          35
amortization
Amortization of
acquired                22           23         23         45          46
intangible assets
Professional            33           34         44         67          89
services
Advertising             76           52         84         128         140
Other                  17         22       23       38        48    
Total operating        442        410      454      852       879   
expenses
                                                                     
Operating income        237          241        219        478         448
                                                                     
Other expense
(income):
Interest on             6            6          7          12          14
borrowings
Gain on sale of        -          (2   )    -        (2    )    -     
investments
Total other            6          4        7        10        14    
expense (income)
                                                                     
Pre-tax income          231          237        212        468         434
                                                                     
Provision for          87         90       75       177       145   
income taxes
                                                                     
Net income           $  144       $ 147     $ 137     $ 291      $ 289   
                                                                     
Earnings per share   $  0.26       $ 0.27     $ 0.25     $ 0.53      $ 0.53
- basic
Earnings per share   $  0.26       $ 0.27     $ 0.25     $ 0.53      $ 0.52
- diluted
                                                                     
Weighted average
shares outstanding      549          546        549        547         549
- basic
Weighted average
shares outstanding      554          551        554        552         555
- diluted
                                                                     
Dividends declared   $  0.09       $ 0.59     $ 0.06     $ 0.68      $ 0.12
per share
                                                                     

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
In millions
(Unaudited)
                                                           
                                                Mar. 31, 2013   Sept. 30, 2012
Assets:
  Cash and cash equivalents                     $    1,218      $    915
  Short-term investments                             4               154
  Segregated cash and investments                    4,384           4,030
  Broker/dealer receivables                          1,299           1,110
  Client receivables, net                            8,850           8,647
  Goodwill and intangible assets                     3,354           3,399
  Other                                             1,411          1,258
                                                                
    Total assets                                $    20,520     $    19,513
                                                                
Liabilities and stockholders' equity:
                                                                
Liabilities:
  Broker/dealer payables                        $    2,316      $    1,992
  Client payables                                    11,517          10,728
  Notes payable                                      165             -
  Long-term debt                                     1,079           1,345
  Other                                             1,031          1,023
    Total liabilities                                16,108          15,088
                                                                
Stockholders' equity                                4,412          4,425
                                                                
    Total liabilities and stockholders'         $    20,520     $    19,513
    equity
                                                                

TD AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA
(Unaudited)
                                                                 
                       Quarter Ended                       Six Months Ended
                       Mar. 31,    Dec. 31,    Mar. 31,    Mar. 31,    Mar. 31,
                       2013        2012        2012        2013        2012
Key Metrics:
Net new assets (in     $12.9       $15.6       $10.8       $28.5       $21.0
billions)
Net new asset growth   11%         13%         11%         12%         11%
rate (annualized)
Average client         378,096     334,035     387,571     355,884     377,485
trades per day
                                                                       
Profitability
Metrics:
Operating margin       34.9%       37.0%       32.5%       35.9%       33.8%
Pre-tax margin         34.0%       36.4%       31.5%       35.2%       32.7%
Return on client       0.18%       0.20%       0.20%       0.19%       0.21%
assets (annualized)
Return on average
stockholders' equity   13.2%       13.3%       13.0%       13.2%       13.9%
(annualized)
EBITDA^(1) as a
percentage of net      41.1%       43.9%       38.6%       42.6%       39.9%
revenues
                                                                       
Debt and Liquidity
Metrics:
Interest on
borrowings (in         $6          $6          $7          $12         $14
millions)
Average debt
outstanding (in        $1.2        $1.2        $1.3        $1.2        $1.3
billions)
Leverage ratio
(average               1.1         1.0         1.2         1.1         1.2
debt/annualized
EBITDA^(1))
Interest coverage
ratio                  46.5        47.7        37.1        47.2        37.8
(EBITDA^(1)/interest
on borrowings)
Liquid assets -
management             $0.7        $0.8        $0.9        $0.7        $0.9
target^(1) (in
billions)
Liquid assets -
regulatory             $1.3        $1.3        $1.5        $1.3        $1.5
threshold^(1) (in
billions)
Cash and cash
equivalents (in        $1.2        $1.9        $1.0        $1.2        $1.0
billions)
                                                                       
Transaction-Based
Revenue Metrics:
Total trades (in       22.7        20.4        24.0        43.1        47.0
millions)
Average commissions
and transaction fees   $12.63      $12.62      $12.15      $12.62      $12.03
per trade^(2)
Average client
trades per funded      16.0        14.3        17.1        15.2        16.7
account (annualized)
Activity rate -        6.5%        5.8%        6.8%        6.1%        6.7%
funded accounts
Trading days           60.0        61.0        62.0        121.0       124.5
                                                                       
Spread-Based Asset
Metrics:
Average
interest-earning       $15.5       $15.1       $15.7       $15.3       $14.7
assets (in billions)
Average insured
deposit account        67.1        64.2        58.4        65.6        58.6
balances (in
billions)
Average spread-based
balance (in            $82.6       $79.3       $74.1       $80.9       $73.3
billions)
                                                                       
Net interest revenue   $114        $116        $107        $231        $216
(in millions)
Insured deposit
account fee revenue    200         205         209         405         414
(in millions)
Spread-based revenue   $314        $321        $316        $636        $630
(in millions)
                                                                       
Avg. annualized
yield -                2.95%       3.02%       2.69%       2.99%       2.88%
interest-earning
assets
Avg. annualized
yield - insured        1.19%       1.25%       1.42%       1.22%       1.39%
deposit account fees
Net interest margin    1.52%       1.58%       1.69%       1.55%       1.69%
(NIM)
                                                                       
Interest days          90          92          91          182         183
                                                                       
Fee-Based Investment
Metrics:
Money market mutual
fund fees:
Average balance (in    $5.2        $5.1        $5.0        $5.1        $5.4
billions)
Average annualized     0.01%       0.05%       0.04%       0.03%       0.06%
yield
Fee revenue (in        $0          $1          $1          $1          $2
millions)
                                                                       
Market fee-based
investment balances:
Average balance (in    $105.7      $94.9       $79.9       $100.3      $76.0
billions)
Average annualized     0.23%       0.23%       0.23%       0.23%       0.23%
yield
Fee revenue (in        $62         $55         $45         $116        $88
millions)
                                                                       
Average fee-based
investment balances    $110.9      $100.0      $84.9       $105.4      $81.4
(in billions)
Average annualized     0.22%       0.22%       0.22%       0.22%       0.22%
yield
Investment product
fee revenue (in        $62         $56         $46         $117        $90
millions)
                                                                       
Client Account and
Client Asset
Metrics:
New accounts opened    197,000     174,000     183,000     371,000     323,000
                                                                       
Funded accounts
(beginning of          5,836,000   5,764,000   5,645,000   5,764,000   5,617,000
period)
Funded accounts (end   5,880,000   5,836,000   5,703,000   5,880,000   5,703,000
of period)
Percentage change      1%          1%          1%          2%          2%
during period
                                                                       
Client assets
(beginning of          $480.8      $472.3      $406.3      $472.3      $378.7
period, in billions)
Client assets (end
of period, in          $516.8      $480.8      $452.4      $516.8      $452.4
billions)
Percentage change      7%          2%          11%         9%          19%
during period
                                                                       
^(1) See attached reconciliation of non-GAAP financial measures.
^(2) Average commissions and transaction fees per trade excludes TD Waterhouse
UK business.
                                                                       
NOTE: See Glossary of Terms on the Company's web site at www.amtd.com for
definitions of the above metrics.


TD AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA
(Unaudited)
                                                                  
                            Quarter Ended                    Six Months Ended
                            Mar. 31,   Dec. 31,   Mar. 31,   Mar. 31,   Mar.
                            2013       2012       2012       2013       31,
                                                                        2012
Net Interest Revenue:
Segregated cash:
Average balance (in         $4.5       $3.8       $5.6       $4.2       $4.8
billions)
Average annualized yield    0.13%      0.17%      0.07%      0.15%      0.06%
Interest revenue (in        $1         $2         $1         $3         $1
millions)
                                                                        
Client margin balances:
Average balance (in         $8.5       $8.7       $7.9       $8.6       $7.8
billions)
Average annualized yield    3.99%      4.02%      4.06%      4.00%      4.19%
Interest revenue (in        $85        $89        $81        $174       $166
millions)
                                                                        
Securities
borrowing/lending
Average securities
borrowing balance (in       $1.0       $0.9       $0.8       $0.9       $0.7
billions)
Average securities
lending balance (in         $2.2       $1.9       $1.8       $2.0       $1.8
billions)
                                                                        
Interest revenue (in        $30        $27        $26        $56        $51
millions)
Interest expense (in        (2)        (2)        (1)        (2)        (2)
millions)
Net interest revenue -
securities                  $28        $25        $25        $54        $49
borrowing/lending (in
millions)
                                                                        
Other cash and
interest-earning
investments:
Average balance (in         $1.5       $1.7       $1.4       $1.6       $1.4
billions)
Average annualized yield    0.07%      0.07%      0.09%      0.07%      0.11%
Interest revenue - net      $0         $0         $0         $1         $1
(in millions)
                                                                        
Client credit balances:
Average balance (in         $9.1       $9.2       $10.1      $9.1       $9.4
billions)
Average annualized cost     0.01%      0.01%      0.01%      0.01%      0.02%
Interest expense (in        ($0)       ($0)       ($0)       ($1)       ($1)
millions)
                                                                        
Average interest-earning    $15.5      $15.1      $15.7      $15.3      $14.7
assets (in billions)
Average annualized yield    2.95%      3.02%      2.69%      2.99%      2.88%
Net interest revenue (in    $114       $116       $107       $231       $216
millions)
                                                                        
                                                                        
NOTE: See Glossary of Terms on the Company's web site at www.amtd.com for
definitions of the above metrics.


TD AMERITRADE HOLDING CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Dollars in millions
(Unaudited)
                                                                                                                       
                                                                                                                                   
                        Quarter Ended                                                             Six Months Ended
                        Mar. 31, 2013            Dec. 31, 2012             Mar. 31, 2012          Mar. 31, 2013         Mar. 31, 2012
                        $           % of Net     $            % of Net     $           % of Net   $          % of Net   $          % of Net
                                    Rev.                      Rev.                     Rev.                  Rev.                  Rev.
EBITDA (1)
EBITDA                  $ 279         41.1  %    $ 286          43.9  %    $ 260       38.6  %    $ 566      42.6  %    $ 529      39.9  %
Less:
        Depreciation
        and               (20   )     (2.9  %)     (20    )     (3.1  %)     (18   )   (2.7  %)     (41  )   (3.1  %)     (35  )   (2.6  %)
        amortization
        Amortization
        of acquired       (22   )     (3.2  %)     (23    )     (3.5  %)     (23   )   (3.4  %)     (45  )   (3.4  %)     (46  )   (3.5  %)
        intangible
        assets
        Interest on       (6    )     (0.9  %)     (6     )     (0.9  %)     (7    )   (1.0  %)     (12  )   (0.9  %)     (14  )   (1.1  %)
        borrowings
        Provision for    (87   )     (12.8 %)    (90    )     (13.8 %)    (75   )   (11.1 %)    (177 )   (13.3 %)    (145 )   (10.9 %)
        income taxes
Net income              $ 144        21.2  %    $ 147         22.6  %    $ 137      20.4  %    $ 291     21.9  %    $ 289     21.8  %
                                                                                                                                   
                                                                                                                                   
                        As of
                        Mar. 31,    Dec. 31,     Sept. 30,    June 30,     Mar. 31,
                       2013        2012         2012         2012         2012
Liquid Assets -
Management Target (2)
Liquid assets -         $ 706       $ 774        $ 1,054      $ 993        $ 917
management target
        Broker-dealer
Plus:   cash and cash     719         841          406          387          507
        equivalents
        Trust company
        cash and cash     84          556          95           74           75
        equivalents
        Investment
        advisory cash     24          15           11           25           18
        and cash
        equivalents
                                                                                                                                   
        Corporate
Less:   short-term        -           -            (150   )     (126  )      (50   )
        investments
        Excess
        broker-dealer    (315  )    (334  )     (501   )    (443  )     (441  )
        regulatory
        net capital
Cash and cash           $ 1,218    $ 1,852     $ 915       $ 910       $ 1,026 
equivalents
                                                                                                                                   
                                                                                                                                   
                        Mar. 31,    Dec. 31,     Sept. 30,    June 30,     Mar. 31,
                        2013        2012         2012         2012         2012
Liquid Assets -
Regulatory Threshold
(2)
Liquid assets -         $ 1,288     $ 1,337      $ 1,611      $ 1,554      $ 1,485
regulatory threshold
        Broker-dealer
Plus:   cash and cash     719         841          406          387          507
        equivalents
        Trust company
        cash and cash     84          556          95           74           75
        equivalents
        Investment
        advisory cash     24          15           11           25           18
        and cash
        equivalents
                                                                                                                                   
        Corporate
Less:   short-term        -           -            (150   )     (126  )      (50   )
        investments
        Excess trust
        company Tier      (8    )     (10   )      (10    )     (10   )      (10   )
        1 capital
        Excess
        broker-dealer    (889  )    (887  )     (1,048 )    (994  )     (999  )
        regulatory
        net capital
Cash and cash           $ 1,218    $ 1,852     $ 915       $ 910       $ 1,026 
equivalents
                                                                                                                                   
Note: The term "GAAP" in the following explanation refers to generally accepted accounting principles in the United States.
                                                                                                                                   
        EBITDA (earnings before interest, taxes, depreciation and amortization) is considered a non-GAAP financial measure as defined by
        SEC Regulation G. We consider EBITDA an important measure of our financial performance and of our ability to generate cash flows to
        service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA is used as the
(1)     denominator in the consolidated leverage ratio calculation for covenant purposes under our holding company's senior revolving
        credit facility. EBITDA eliminates the non-cash effect of tangible asset depreciation and amortization and intangible asset
        amortization. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash
        flows from operating activities.
                                                                                                                                   
        Our liquid assets metrics are considered non-GAAP financial measures as defined by SEC Regulation G. We include the excess capital
        of our broker-dealer and trust company subsidiaries in the calculation of our liquid assets metrics, rather than simply including
        broker-dealer and trust company cash and cash equivalents, because capital requirements may limit the amount of cash available for
(2)     dividend from the broker-dealer and trust company subsidiaries to the parent company. Excess capital, as defined below, is
        generally available for dividend from the broker-dealer and trust company subsidiaries to the parent company. We consider our
        liquid assets metrics to be important measures of our liquidity and of our ability to fund corporate investing and financing
        activities. The liquid assets metrics should be considered as supplemental measures of liquidity, rather than as substitutes for
        cash and cash equivalents.
                                                                                                                                   
        We define "liquid assets - management target" as the sum of (a) corporate cash and cash equivalents, (b) corporate short-term
        investments and (c) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 10% of aggregate debit items
        and (ii) our introducing broker-dealer subsidiaries in excess of a minimum operational target established by management ($50
        million in the case of our primary introducing broker-dealer, TD Ameritrade, Inc.). “Liquid assets – management target” is based on
        more conservative measures of broker-dealer net capital than “liquid assets – regulatory threshold” (defined below) because we
        prefer to maintain significantly more conservative levels of net capital at the broker-dealer subsidiaries than the regulatory
        thresholds require. We consider "liquid assets - management target" to be a measure that reflects our liquidity that would be
        readily available for corporate investing or financing activities under normal operating circumstances.
                                                                                                                                   
        We define "liquid assets - regulatory threshold" as the sum of (a) corporate cash and cash equivalents, (b) corporate short-term
        investments, (c) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 5% of aggregate debit items and
        (ii) our introducing broker-dealer subsidiaries in excess of the applicable "early warning" net capital requirement and (d) Tier 1
        capital of our trust company in excess of the minimum dollar requirement. We consider "liquid assets - regulatory threshold" to be
        a measure that reflects our liquidity that would be available for corporate investing or financing activities under unusual
        operating circumstances, such as the need to provide funding for significant strategic business transactions.

Contact:

TD Ameritrade Holding Corporation
Kim Hillyer, 402-574-6523
Director, Communications
kim.hillyer@tdameritrade.com
or
Jeff Goeser, 402-597-8464
Director, Investor Relations and Finance
jeffrey.goeser@tdameritrade.com
 
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